Biotech company Biogen announced Oct. 22 that it was seeking regulatory approval for its experimental Alzheimer's drug, which caused its stock to spike more than 26 percent, according to CNBC.
The company was valued at $54.1 billion as of Oct. 30. However, "Mad Money" host Jim Cramer predicts the company "could be worth twice that if all goes well" with the FDA approval.
Biogen ended testing of its Alzheimer's drug in March after a report came out that claimed the drug was unlikely to work. In new analysis, the company said the drug "reduced clinical decline in patients with early Alzheimer's disease," and patients that received the drug "experienced significant benefits on measures of cognition and function such as memory, orientation and language."
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